Jakarta – PT Perusahaan Gas Negara (Persero) Tbk (PGN), the gas subholding of Pertamina, on Monday, April 27, reported a solid financial performance in the first quarter of 2026, supported by its domestic-focused business model and tighter cost controls.
PGN booked a net profit attributable to parent entity owners of USD 90.4 million in January–March, up about 46% year-on-year. The increase was driven by a roughly 12% rise in gross profit, alongside a 7% reduction in cost of revenue—equivalent to about USD 54 million—as well as improved financial expenses and foreign exchange gains.
Revenue stood at USD 929.6 million, with earnings before interest, taxes, depreciation, and amortization (EBITDA) reaching USD 240.6 million. The company said its core trading and gas infrastructure segments remained resilient, despite the absence of LNG trading sales in the international segment during the period.
Operationally, PGN recorded a gas distribution volume of 777 BBTUD and transmission volume of 1,539 MMSCFD, while maintaining infrastructure reliability at 99.9%. The company serves more than 825,000 customers nationwide, dominated by household users.
Finance Director Catur Dermawan said PGN’s domestically anchored business ecosystem underpinned its stable performance. “Our main focus is ensuring reliable energy services through integrated infrastructure and gas distribution management, which is key to maintaining operational stability amid supply and demand dynamics,” he said.
PGN continued to manage supply flexibility through measured use of liquefied natural gas (LNG), including regasification volumes of 115 BBTUD at FSRU Lampung, 148 BBTUD at Arun LNG facilities, and 292 BBTUD at FSRU West Java.
The company also maintained prudent liquidity management, lowering financial expenses to USD 13.7 million and keeping key ratios at healthy levels, including an EBITDA-to-interest ratio of 20.75 times and a debt-to-equity ratio of 29%. Operating cash flow remained positive at USD 86.9 million.
Looking ahead, PGN plans to strengthen pipeline infrastructure and expand “beyond pipeline” services such as LNG and compressed natural gas (CNG), while continuing the rollout of household gas networks to widen access to cleaner energy.
The company said it will also support Indonesia’s energy transition goals, positioning natural gas as a bridge fuel toward net-zero emissions. (nsh)
Banner photo: Image generated by OpenAI’s DALL·E via ChatGPT (2024)
